KEY POINTS

• The EFCC seeks Elie Bitar, alleged mastermind of the CBEX Ponzi scheme, following earlier warrants for four promoters tied to ₦12 billion ($15 million) investor losses.

• Osun State’s public broadcaster, OSBC, faces scrutiny for promoting CBEX as a poverty-alleviation program, amplifying the scheme’s reach and credibility.

• Over 8,000 Nigerians, including students and low-income traders, were defrauded, highlighting systemic vulnerabilities to crypto scams amid economic hardship.

The Economic and Financial Crimes Commission (EFCC) has intensified its crackdown on cryptocurrency-related financial crimes, declaring 41-year-old Elie Bitar wanted for alleged fraud involving the collapsed Crypto Bridge Exchange (CBEX).

Bitar, a Lebanese-Nigerian businessman, is accused of masterminding a Ponzi scheme that defrauded thousands of Nigerians of over ₦12 billion ($15 million). His last known address is Eng. George Enemoh Crescent in Lekki Phase 1, Lagos.

In a public notice, the EFCC urged citizens to report sightings of Bitar, whose photograph has been widely circulated. “Anybody with useful information as to his whereabouts should contact the Commission through its offices, email, or hotline,” stated EFCC spokesperson Dele Oyewale. This follows last week’s declaration of four CBEX promoters—Adefowora Olanipekun, Adefowora Oluwanisola, Emmanuel Uko, and Seyi Oloyede—as wanted.

State-run radio faces backlash for promoting collapsed CBEX as “poverty alleviation scheme”

Investigations reveal that the Osun State Broadcasting Corporation (OSBC) actively promoted CBEX in 2024, airing segments that falsely portrayed the platform as a government-backed initiative. In one broadcast, a CBEX representative claimed, “This scheme is for everyone—market traders, herbal sellers—to escape suffering.” An OSBC host endorsed the scheme, urging listeners, “Join CBEX to make fortune,” without verifying its legitimacy.

SaharaReporters uncovered that CBEX promised investors 50% monthly returns before abruptly collapsing in January 2025, erasing life savings of over 8,000 Nigerians. Victims include university student Amina Lawal, who lost ₦2.7 million meant for her tuition. “I trusted OSBC’s endorsement. Now I can’t graduate,” she lamented.

The EFCC links CBEX to a broader network of crypto scams exploiting Nigeria’s economic crisis, which has seen 35% youth unemployment. Financial analyst Tunde Oke warned, “Desperation for quick gains leaves Nigerians vulnerable to unregulated platforms.” The Central Bank of Nigeria (CBN) reiterated warnings against unlicensed crypto ventures, but enforcement gaps persist.